Steve Baldwin

REALTOR®

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Vancouver, BC – September 16, 2013.

 

The British Columbia Real Estate Association (BCREA) reports that a total of 6,863 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during August, up 28.6 per cent from August 2012. Total sales dollar volume was 39.7 per cent higher than a year ago at $3.66 billion. The average MLS® residential price in the province was $533,400, up 8.6 per cent from August 2012. "After sitting on the sidelines for much of 2012, home buyers were out in force during the summer months,” said Cameron Muir, BCREA Chief Economist. “Fear of a housing market hard landing has given way to a sense of urgency to lock-in a mortgage at a low interest rate."

 

While higher mortgage interest rates are on the horizon, BCREA forecasts the five-year posted mortgage rate to be

50 basis points higher a year from now. The impact on consumer demand is expected to be largely offset by stronger economic conditions and the associated employment growth. Year-to-date, BC residential sales dollar volume
was up 1.5 per cent to $26.5 billion, compared to the same period last year. Residential unit sales were down
0.6 per cent to 49,849 units, while the average MLS® residential price was up 2 per cent at $532,130.

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Why use A BROKER

  1. Get independent advice on your financial options. As independent mortgage brokers, we’re not tied to any one lender or range of products. Our goal is to help you successfully finance your home or property. We’ll start by getting to know you and your homeownership goals. We’ll make a recommendation, drawing from both our experience and available mortgage products that match your needs, and then assist in deciding what’s right for you.

  2. Save time with one-stop shopping. It could take weeks for you to organize appointments with competing mortgage lenders – and we know that there is almost anything else that you would rather be doing! We work directly with dozens of lenders, and can quickly narrow down a list of those that suit you best. It makes comparison-shopping fast, easy, and convenient.

  3. We negotiate on your behalf. Many people are uncertain or uncomfortable negotiating mortgages directly with their bank. We successfully negotiate hundreds of mortgages a year for our clientele. You can count on our market knowledge to secure competitive rates and terms that benefit you……… not the lender!

  4. More choice means more competitive rates. We have access to a network of major lenders in Canada, so your options are extensive. In addition to traditional lenders, we also know what’s being offered by credit unions, trust companies, and other sources.

  5. Ensure that you’re getting the best rates and terms. Even if you’ve been pre-approved for a mortgage by your bank, you are not obligated to stop shopping! Let us investigate to see if there is an alternative to better suit your needs….. there usually is!

  6. Get access to special deals and add-ons. Many financial institutions would love to have you as a client, which is why they offer incentives to attract creditworthy customers. With Gibbard Group Financial, we have access to some of the ‘perks’ to mortgage financing.

  7. Things move quickly! Our job is not done until your closing date goes smoothly. We’ll help ensure your mortgage transaction takes place on time and to your satisfaction.

  8. Get expert advice. When it comes to mortgages, rates, and the housing market, we’ll speak to you in mortgage terms that are easy to understand as well as answer all the questions you may have. We can explain the various mortgage terms and conditions so you can choose confidently

  9. No cost to you. There’s absolutely no charge for our services on the typical residential mortgage transactions. How can we afford to do that? Like many other professional services, such as insurance, we are generally paid a finders fee when we introduce dependable clients to a financial institution. These fees are quite standard and nearly industry-wide so that the focus remains on you, the customer.

  10. Ongoing support and consultation. Even once your mortgage is signed and paperwork is complete, we are here if you need any advice on closing details or even future referral needs. We are happy to be of assistance when you need it. 

 

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Housing market sees slight changes in October

Vancouver, B.C. – November 2, 2012

 
The Greater Vancouver housing market saw a slight increase in the number of home sales, a slight reduction in the number of listings, and a slight decrease in home prices in October compared to the summer months. With those changes, the sales-to-active-listings ratio increased to 11 per cent in October from 8 per cent in September.
 
The Real Estate Board of Greater Vancouver (REBGV) reported 1,931 residential property sales

of detached, attached and apartment properties on the region’s Multiple Listing Service®

(MLS®) in October, a 16.7 per cent decline compared to the 2,317 sales in October 2011 and a

27.4 per cent increase compared to the 1,516 home sales in September 2012.

October sales were 28.5 per cent below the 10-year October sales average of 2,700.

“Buyer demand increased slightly in October compared to the previous few months,” Sandra

Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of

buyers, with low interest rates, more choice, and less time pressure in terms of decision-making.

This translates into a calmer atmosphere for those looking to buy a home and it places more onus

on sellers to ensure their homes are priced to compete in today’s marketplace.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,323

in October. This represents a 1.2 per cent decline compared to October 2011 when 4,374

properties were listed for sale on the MLS® and an 18.8 per cent decline compared to the 5,321

new listings in September 2012.

 
At 17,370, the total number of residential property listings on the MLS® increased 12 per cent

from this time last year and declined 5.3 per cent compared to September 2012.

Since reaching a peak of $625,100 in May, the MLS Home Price Index® (MLS HPI®)

composite benchmark price for all residential properties in Greater Vancouver declined 3.4 per

cent to $603,800 in October. This represents a 0.8 per cent decline compared to last year.

“There’ve been modest price changes since they peaked in the spring. The largest reductions

have occurred in the areas and property types that experienced the biggest price increases over

the last few years,” Wyant said.

Since hitting a record high in April, the benchmark price of a detached home on the Westside of

Vancouver has declined 8.6 per cent while detached homes in Richmond and West Vancouver

have seen declines of 6 per cent over the same time period.

 

Sales of detached properties in Greater Vancouver reached 790 in October, a decrease of 18.9

per cent from the 974 detached sales recorded in October 2011, and a 19.1 per cent decrease

from the 976 units sold in October 2010. Since reaching a peak in May, the benchmark price for

a detached property in Greater Vancouver has declined 4.1 per cent to $927,500.

 
Sales of apartment properties reached 803 in October 2012, a 16.2 per cent decrease compared to

the 958 sales in October 2011, and a decrease of 18.4 per cent compared to the 984 sales in

October 2010. Since reaching a peak in May, the benchmark price for an apartment property in

Greater Vancouver has declined 2.9 per cent to $368,800.

 
Attached property sales in October 2012 totalled 338, an 11.5 per cent decrease compared to the

382 sales in October 2011, and a 10.3 per cent decrease from the 377 attached properties sold in

October 2010. Since reaching a peak in April, the benchmark price for an attached property in

Greater Vancouver has declined 2.9 per cent to $457,700.

 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.